Mumbai home to 65 among top 200 family-run businesses in India

Mumbai: Mumbai might not be the ideal global city, but it is still the preferred destination for India’s ultra-rich. Of the top 200 family-owned businesses in the country that are at least two generations old, 65 are headquartered in Mumbai, according to the ‘2024 Barclays Private Clients Hurun India Most Valuable Family Business’ rankings released on Thursday. The 65 families have a combined valuation of ₹67,33,900 crore, with Mukesh Ambani’s family worth ₹25,75,100 crore leading the pack.
The Ambani family also tops the chart of richest families at the national level and is followed by the Niraj Bajaj-led family worth ₹7,12,700 crore and the Kumar Mangalam Birla-led family worth ₹5,38,500 crore. The rankings are based on company valuation, with March 20, 2024 being the cut-off date.
Among the top 200 family-owned businesses, 17 are headquartered in Kolkata, making it the second most preferred destination, followed by Pune, New Delhi and Gurugram with 15, 13 and 13 headquarters of family-owned businesses, respectively. Together, the top 200 family-run businesses control an astounding $1.3 trillion in market value, surpassing the combined GDP of Switzerland and the UAE.
The oldest family-owned businesses that feature among the top 200 are the Wadi Group, owned by the Wadia family, and PN Gadgil & Sons, owned by the Gadgil family – both are sixth generation family-run businesses. Gautam Adani’s conglomerate tops the chart among first-generation business families with a valuation of ₹15,44,500 crore.
The report also lists companies with the highest number of women from the family actively serving on their boards. These include CRI Pumps, Parle Agro and Echjay Industries with three women members each on the board.
Anas Rahman Junaid, founder and chief researcher, Hurun India said, “The significant industry diversification of these family businesses demonstrates their essential role in maintaining and advancing long-term economic stability and growth in India. From daily essentials to groundbreaking innovations, Indian family businesses weave the fabric of our everyday lives, reflecting a blend of heritage and forward-thinking. They form the backbone of both the manufacturing and services sectors.”
Nitin Singh, head of Private Bank Asia Pacific, said, “Generations of dedication and vision has made Indian family businesses the bedrock of our economy, proving that tradition and progress can go hand in hand. The fact that 69% of the most valuable family businesses are second-generation businesses, and the remainder are third generation or older speaks volumes about the resilience and adaptability of Indian family businesses.”